Page 51 - The Insurance Times September 2022

Circular

IRDAI Circular

Master Guidelines on Anti-Money Laun- players for the benefit of policyholders. Subsequently,
the Authority has extended the validity period of the
dering/ Counter Financing of Terrorism
said Regulations for a further period of two years up to
(AML/CFT), 2022 25th July, 2023.
IRDAI/IID/GDL/MISC/160/8/2022 2. Based on the experience of 2 cohorts of Regulatory
Sandbox and stake holder’s feedback, the department
Date: 1st August 2022
has observed the following limitations:
1. IRDAI had issued Master Guidelines on AML/CFT for (i) Validity – as stated under para 1 IRDAI (Regulatory
General insurers and Life insurers in 2013 and 2015 re- Sandbox) Regulations, 2019 has a validity clause of
spectively. Subsequently, multiple circulars had been four years.
issued on the subject.
(ii) Experiment period - Regulation 6(2) of Sandbox
2. In order to consolidate and update guidelines on AML/ Regulations permits the applicant to experiment
CFT, a single Master Guidelines covering provisions of the ideas for a period of 6 months (Extendable by
PML Act, Rules and other applicable norms (as amended another 6 months only).
from time to time) is issued.
3. In view of the above, the draft IRDAI (Regulatory Sand-
3. The guidelines are applicable to all classes of Life, Gen- box) (Amendment) Regulations, 2022 is prepared with
eral or Health insurance business. an objective to

4. The guidelines will come into force from 1st November (i) remove the limited validity period
2022.
(ii) increase the experimental period of the Regulatory
Sandbox from the existing six (6) months to up to
Randip Singh Jagpal
36 months
(Executive Director)
(iii) The Chairperson may be authorized to issue guide-
Exposure Draft Regulatory Sandbox Regu- lines, if necessary, based on the outcome of Sand-
lations Amendment 2022 box proposals.
4. The Exposure Draft Insurance Regulatory and Develop-
IRDAI/HLT/CIR/MISC/150/7/2022
ment Authority of India (Regulatory Sandbox) (Amend-
Date:03-08-2022
ment) Regulations, 2022, has been attached as Annex-
ure – A.
1. The Authority has notified the IRDAI (Regulatory Sand-
5. You are requested to offer your comments,
box) Regulations, 2019 with a validity of two years to
suggestionson the proposed modifications for further
facilitate innovation in products or solutions proposed
examination at our end. The comments, suggestions
to be offered by the insurance companies and other
The Insurance Times, September 2022 51